PM Modi Reaffirms India’s Economic Ambitions Amid Global Instability and Political Criticism

Varanasi, August 2: Prime Minister Narendra Modi on Saturday reiterated his government's commitment to elevating India to the position of the world’s third-largest economy, emphasizing the need for vigilance in safeguarding the country’s economic interests amid a volatile global landscape.

Speaking at a public rally in his parliamentary constituency of Varanasi, the Prime Minister stated, “India is on course to become the world’s third-largest economy. In light of this, we must remain vigilant and protect our economic interests. The well-being of our farmers, the growth of small-scale industries, and the employment prospects for our youth are at the heart of our agenda. The government is working relentlessly to secure and strengthen these sectors.”

Highlighting the growing uncertainty in the global economy, PM Modi called for national unity across political lines to promote indigenous industries. “Those who truly care about India's progress—regardless of political affiliation—must come together and take a pledge to support ‘swadeshi’ products. We must adopt a 'vocal for local' approach by prioritizing goods made in India,” he said.

The Prime Minister’s comments follow a controversial statement by former U.S. President Donald Trump, who described India as a “dead economy” in a scathing social media post. Trump’s remarks, delivered in the context of India’s continued trade relations with Russia, have stirred significant debate both internationally and within India.

“I don’t care what India does with Russia. They can take their dead economies down together, for all I care,” Trump said, also citing high Indian tariffs and minimal U.S.-India trade engagement. His comments included sharp criticism of former Russian President Dmitry Medvedev, warning him against making provocative statements.

Congress leader Rahul Gandhi seized upon Trump’s comments, asserting, “I’m glad President Trump has stated a fact. Everyone knows the Indian economy is dead—everyone except the Prime Minister and the Finance Minister.” However, his remarks were met with unease from within his own party and allies, with some distancing themselves from the harsh characterization.

In response, the Indian government maintained that it would not compromise on national interest while engaging in global trade discussions. Addressing Parliament, Union Commerce and Industry Minister Piyush Goyal emphasized India’s strong economic trajectory.

“India has transformed from being among the ‘Fragile Five’ economies to becoming the fastest-growing major economy in the world,” Goyal said. “Thanks to structural reforms and the resilience of our farmers, MSMEs, and industrial sector, India has moved from the 11th largest economy to the top five. We are poised to become the third-largest economy in the near future. Leading global institutions and economists recognize India as a bright spot amid global economic uncertainty.”

As global geopolitical dynamics shift and international commentary intensifies, the Indian government appears determined to stay the course, projecting confidence in its growth model and its commitment to domestic empowerment through economic self-reliance.